WTW has unveiled its Bermuda Excess Casualty Construction Facility as part of ongoing efforts to innovate and provide tailored services to construction industry clients.
The new facility is aimed at the North American construction market, offering excess capacity ranging from US$25 million to US$50 million. Designed to provide extra security for construction projects, the facility features excess capacity attaching at US$10 million per occurrence.
The use of a simplified slip format, meanwhile, ensures a streamlined insurance process, leading to quicker policy issuance and reducing potential hold-ups. The rapid turnaround, with underwriters committing to clients within three days, is said to be particularly beneficial given the construction sector’s fast pace.
Jim Dunlap, who leads North American construction broking for CRB (corporate risk and broking) at WTW, commented: “We are very pleased to be able to offer our clients with an additional competitive option for their excess liability.”
The construction broking leader highlighted the importance of accessing the global market to secure the best terms and conditions for clients, underscoring the facility’s role in WTW’s broader commitment when it comes to product development.
Chris Heinicke, head of casualty in Bermuda within CRB, described the facility as a “collaborative effort” between WTW Construction North America and WTW Bermuda.
The casualty head emphasized that the facility offers a novel solution by providing excess construction capacity, which is typically lower in traditional liability towers.
“The purpose is to provide our clientele with an additional competitive option,” Heinicke said. “The overall development of this facility is illustrative of WTW’s commitment to providing innovative solutions for our customers utilizing the global insurance marketplace.”
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